Mortgage Payment Options
Payment Schedules: Most lenders offer several different payment options which will help you pay less interest and repay your mortgage faster.
Check out the table below to see how changing your
payment frequency can save you money.
$200,000 mortgage, interest rate of 5.75%, 25 year amortization
|
Payment Frequency |
Amount |
Amortization |
Total Interest |
Interest savings vs. |
|
Monthly |
$1,250.04 |
25 |
$175,013 |
$0 |
|
Bi-Weekly |
$574.97 |
25 |
$173,730 |
$1,283 |
|
Weekly |
$287.36 |
25 |
$173,570 |
$1,443 |
|
Bi-Weekly Rapid |
$625.02 |
23.08 |
$143,654 |
$31,359 |
|
Weekly Rapid |
$312.51 |
23.08 |
$143,292 |
$31,751 |
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Our Best Rates
| Term | Bank Rate | Our Rate |
|---|---|---|
| 6 Month | 4.55% | 4.25% |
| 1 Year Closed | 3.65% | 2.74% |
| 2 Year Closed | 3.89% | 3.04% |
| 3 Year Closed | 3.99% | 2.99% |
| 4 Year Closed | 4.39% | 3.15% |
| 5 Year Closed | 4.99% | 3.29% |
| 7 Year Closed | 5.99% | 3.89% |
| 10 Year Closed | 6.29% | 3.89% |
| VRM Closed | 3.1% | 2.90% |
| Line of Credit | 4% | 3.50% |
